Orange raises its EBITDAaL target and aims for a dividend of €0.79 for 2026
In the third quarter of 2026, Orange's EBITDAaL grew faster than its revenue (+ 4.6% versus + 3.6% on a comparable basis), while its investments (eCAPEX) declined by 2.5%. This combination is reflected in operating cash flow (EBITDAaL minus eCAPEX): + 10.3% for the quarter and + 8.8% over nine months.
On this basis, the group has raised its annual EBITDAaL target and plans a dividend of €0.79 per share for 2026, compared to €0.75 for 2025. The announcement came as the stock had fallen nearly 14% over three months as of October 23, 2026.
€12.2 billion in revenue, all regions showing growth
Orange achieved revenue of €12.2 billion in the third quarter of 2026, up 3.6% compared to the third quarter of 2025 on a comparable basis. All geographies contributed to this growth: Africa and Middle East (+ 14.2%), Europe 6 (+ 5.3%), Spain (+ 3.5%) and France (+ 0.5%).
Retail services increased by 3.3%. In detail, they rose 15.2% in Africa and the Middle East. Convergent services grew 6.7% in Europe 6 and non-switched telephone network (STN) services by 1.1% in France.
The group's EBITDAaL reached €4.1 billion for the quarter, up 4.6%. At the end of September 2026, the customer base exceeded 367 million accesses.
EBITDAaL more dynamic than revenues, eCAPEX declining
The group attributes the EBITDAaL growth to accelerating revenue and the continuation of its operational efficiency initiatives. Over nine months, this indicator is up 4.8%.
On the investment side, eCAPEX amounted to €1.7 billion in the third quarter, down 2.5%. They represent 14.8% of revenue over the first nine months, a level in line with the annual target of approximately 15%. It is the combined effect of rising EBITDAaL and falling investments that explains the 10.3% growth in operating cash flow for the quarter.
Growth remains unevenly distributed: the gap between Africa and Middle East (+ 14.2%) and France (+ 0.5%) exceeds 13 percentage points. The quarter was also marked by the integration of MasOrange, now renamed Orange España. In October, Orange also signed with Deutsche Telekom, Telefónica and Vodafone a letter of intent for a joint bid for the allocation of MSS frequencies in Europe, intended for mobile satellite services.
2026 EBITDAaL target raised to growth exceeding 4.5%
Orange will pay on December 3, 2026 an interim dividend of €0.30 per share in cash. The total dividend provided for 2026 amounts to €0.79, payable in 2027 subject to approval by the general meeting.
The joint acquisition project of SFR with Bouygues Telecom and Free-Groupe Iliad, which is the subject of an agreement signed on June 6, 2026, is ongoing. In its half-yearly publication of July 28, 2026, the group valued its stake at approximately €5.6 billion. Completion of the transaction is expected in the second half of 2027, subject to regulatory approvals, as decisions are expected in proceedings initiated by social and economic committees within Altice France.
The group confirmed its other targets: an eCAPEX to revenue ratio of approximately 15%, organic cash flow of approximately €4.3 billion (target already raised in the second quarter) and a net debt to EBITDAaL ratio around 2x in the medium term. This ratio stood at 2.4x at the end of June 2026, following the MasOrange transaction, according to the July 28 publication. Finally, the EBITDAaL growth target for 2026 is now set at more than 4.5%, compared to more than 4% previously.
